Starting a business is scary – especially when factors like capital, running cost, staff salaries and entitlements, and other business sundry expenses are considered.

It gets even scarier when you’re running short on funds; can’t find investors, and bills are piling up.

What do you as a business owner do in such situations? Lose hope, give up and close shop? Or dig in, reach deep into your reservoir, and become more innovative?

If you’re anything like most entrepreneurs we’ve come across, you’re more likely going to seek other avenues to stay afloat until the business turn profit.

photo/ public domain photos via pixabay

Here’s where the concept of bootstrapping comes in. It’s simply a term used to describe early stage businesses that are self-funded with 100 percent of control in the hands of the founders. For further reading on how it works, a Google search will pull out more detailed guide for you.

Most bootstrapped business owners understand the need to keep expense down at all cost; hence they’ve evolved an efficient system that enables them to focus on vital tasks, paying out money on items that are absolutely necessary.

To solve their staffing needs, they turn to freelancers.

So why should you use freelancers?

First, freelancers cost way less than full-time employees. All you need to concern yourself with is the cost of their service. No perks, no sick leave, no health insurance, and those other entitlements that come with having a full-time employee on your payroll.

Hence, instead of hiring an in-house developer to build your business website, a freelance website developer builds it, and most times it’d cost you under $1000. Instead of a full-time content marketer, you’d hire a freelance content strategist to advise you on the strategies to implement, and then hire two to three freelance writers to send you content.

So, this way, you’re keeping the cost to a minimum while getting tasks done.

You can hire and fire freelancers without the backlash of union or employment regulations. Working with freelancers means you can swiftly cut yours loses when they’re not delivering. This is important for your business since it can’t afford to spend fund on unproductive contract while it also frees you to seek out freelancers that are the best fit for your business.

Again, you’d be assured that any freelancer on your team is self-motivated. They have extra reasons to go above and beyond in executing client’s projects since they rely on repeat business and positive reviews from satisfied customers.

Freelancers are generally flexible, they’d work weekends and odd hours just to get projects completed, unlike full-time staff that has fix work-hours. Take, for instance, you hired a freelance social media manager, they’d be monitoring your business accounts, posting and responding to inquiries way past closing time for in-house specialists.

Above all, freelancers work to deliver projects on time which is supremely essential for a bootstrapped business; since missing, delivery dates could mean lost money.

So thanks to technology it’s a lot easier today to start, manage and scale businesses right from your basement by leveraging freelance skills. Are you in search of freelancers to take your business to the next level? Click here to learn more.

Author: Pankaj Deb

photo/ Michael Jarmoluk via pixabay.com

About the Author

Guest Author - Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

You can find out more about which cookies we are using or switch them off in settings.

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

You can adjust all of your cookie settings by navigating the tabs on the left hand side.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

disable

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.